Starting Up

Bayer MaterialScience Business To Be Named Covestro

From:
Plastics Technology
Issue:
July
2015

The new name for Bayer's MaterialScience business that will be spun off is Covestro, effective Sept. 1.

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Effective September 1, Bayer’s MaterialScience business will become ‘Covestro’. As Bayer announced last September, the business is to become a separate company. The company intends to float Covestro on the stock market at latest by mid-2016. According to Bayer, the new name was chosen to reflect the identity of the new company. The letters C and O come from collaboration, while VEST signifies the company is well invested in state-of-the-art manufacturing facilities. The final letters STRO are meant to show the company’s strength in innovation, in the market and with a strong workforce.

CEO of Bayer MaterialScience Patrick Thomas, also the CEO designate of Covestro, notes that becoming separate will give the new company greater flexibility to independently pursue its business goals, “The platforms for this will include our leading market positions, favorable industry dynamics, our state-of-the-art asset base with leading process technology, a portfolio including a high-value specialty business as well as an outstanding team of highly skilled and motivated employees…We chose Covestro because it reflects the exciting opportunity we have to deploy our strengths even more rapidly, effectively and flexibly in the global competitive arena….I am absolutely convinced that our colorful identity and positive vision will help inspire and motivate us on our new path in the future.”